WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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buying out his suppliers
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cutting the quality of his products
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buying out his competitors
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underselling his competitors
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Detailed explanation-1: -Soon, Carnegie controlled all phases of the steel industry-from mining iron ore to shipping finished steel. Acquiring control over all steps to change raw materials into finished products is called vertical integration. Vertical integration gave Carnegie a great advantage over other steel companies.
Detailed explanation-2: -Because of his position, Carnegie had knowledge of the war machine during the Civil War and saw there was a large need for iron products. After the war he used this new knowledge to switch his business interests from railroads and telegraphs to the ironworks industry, eventually founding the Keystone Bridge Works.
Detailed explanation-3: -He invested a good sum of money into the steel industry. Which eventually would pay off greatly. Once he did make it into the steel industry he adapted the style of vertical integration. This this business style can be seen as a monopoly due to its control of the complete process of a product.
Detailed explanation-4: -Scottish-born Andrew Carnegie (1835-1919) was an American industrialist who amassed a fortune in the steel industry then became a major philanthropist.